UAE stocks extend their losses

Dubai/Abu Dhabi: On the UAE stock exchanges, price declines were broad on Thursday, with only the banking sector escaping unscathed.

Emaar Properties fell 2.3 per cent to a week-low, Dubai Financial Market dropped 3.1 per cent and telecoms firm du lost 4 per cent.

Union Properties slipped to a two-week low, falling 2.1 per cent.

"The market is waiting for more details on the Amlak and Tamweel merger and the merger of Emaar and the Dubai Holding companies," said Samer Al Jaouni, general manager of Middle East Financial Brokerage.

"The lack of information is preventing institutions from putting cash into the market."

Meanwhile, Abu Dhabi's First Gulf bank has raised $500 million through a three-year conventional bond, the company said on Thursday.